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Banque Misr Actively Participates in the Financial Inclusion of Youths Initiative Under the Auspices of the Central Bank of Egypt

Aug 13, 2020 12:00 AM
Owing to Banque Misr’s keenness on supporting state efforts for financial inclusion and in line with the vision of Egypt 2030 for achieving sustainable development, the Bank actively participated in various financial inclusion events (International Youth Day) under the auspices of the Central Bank of Egypt. This comes in light of the Bank’s belief in the importance of achieving financial inclusion, which aims to enable access of all segments of society to financial products and services that fulfil their different needs. These include savings accounts, current accounts, payment and transfer services, insurance, financing and credit. On the occasion of International Youth Day – whose activities continued from 9th to 24th August 2020 – Banque Misr offered various benefits and free offers to serve all customers, especially youths, being the largest segment of society.

Worth noting is that Banque Misr had provided a multitude of various financial products and services, offering benefits and free promotions as part of the financial inclusion of youths; such as opening accounts for new customers without administrative fees and without a minimum deposit. Moreover, the Bank incurred all stamp fees required for opening accounts, while issuing “Meeza” debit card and the classic debit card on a complimentary basis. As for customers under 16 years of age, they were exempt from the administration fees of issuing the prepaid TEENS card, which carries numerous offers and discounts. Opening accounts for customers ranging in age from 16 to 30 was done on a free-of-charge basis, without a minimum limit, while also being issued a complimentary debit card, in addition to other benefits (banking and non-banking).

New BM Wallet customers (through the Bank’s website or the BM Wallet application) were granted a welcome balance valid for use for a period of one month, which may be used for all services rendered by BM Wallet. This is in addition to the possibility of obtaining a prepaid Meeza card without administrative fees. Customers obtaining an installments payment loan as part of the “Mayeghlash Alik” initiative were granted numerous benefits; such as reduced interest rate by 1% for all salary-guaranteed personal loans and the pensions scheme. They were also exempt from any administrative fees.

Banque Misr has consistently supported state efforts for achieving financial inclusion, by partaking in various initiatives and protocols that serve members of the community. This is in addition to adopting several programs for awareness and financial inclusion; such as supporting small and medium enterprise owners as part of the “Nilepreneurs” initiative under the auspices of the CBE. The initiative aims to assist young entrepreneurs and encourage startups in various economic sectors.